Markets Right Now: Stocks move lower in midday trading

Markets Right Now: Stocks move lower in midday trading

Markets Right Now: Stocks move lower in midday trading

The Dow Jones Industrial got its average dropped by 40 points after the high open.

Boeing rose 4.2 percent after reporting quarterly results that easily beat analyst expectations.

Mining and manufacturing company 3M, another Dow indicator, saw its stock drop 7 percent after lowering its full-year profit forecast.

The Dow Jones Industrial Average plunged 425 points Tuesday to close at 24,024.

The S&P 500 gained 0.2 per cent, while the Nasdaq closed slightly below breakeven point.

The fall in the Nasdaq composite index was 1.7% to 7007.35 points, with shares of Facebook, Amazon, Alphabet and Netflix falling by more than 3.5%.

3M said raw materials costs are rising, especially for materials derived from crude oil, whose price has been rising, and transportation and logistics expenses are rising as well.

But the industrial giant's shares sunk later in the day, sparking a mass sell-off throughout the stock market, after Caterpillar Chief Financial Officer Brad Halverson said the company's first-quarter profit "will be the high-water mark for the year" because of expected increases in investment later in 2018.

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The Dow opened slightly higher on Wednesday, boosted by Boeing's 3.4 per cent jump after strong results, while the Nasdaq and S&P 500 were little changed as United States bond yields climbed above the 3 per cent level.

However, Twitter fell 2.4percent after the social media company said it expects a slowdown in revenue growth and increasing costs, putting a damper on its otherwise upbeat earnings report.

The US markets ended the Tuesday trading session on red territory because of investors' concerns about a possible increase in interest rates and skeptical statement by the Caterpillar's President. That optimism helped send stocks to record highs in January. JPMorgan hiked the Dallas-based chipmaker's price target to 132, from 122, following a healthy first-quarter beat reported last Tuesday. (BA), but the broader market finished (http://www.marketwatch.com/story/stock-selloff-set-to-continue-as-10-year-yield-blows-further-past-3-2018-04-25) the session little changed, as investors wrestled with climbing government bond yields. The Nasdaq composite gave up 15 points, or 0.2 percent, to 6,991. The euro fell to $1.2175 from $1.2237.

Wholesale gasoline fell 0.2 percent to $2.09 a gallon. Natural gas rose 1.5 percent to $2.78 per 1,000 cubic feet.

The Nasdaq is up 100.35 points, or 1.5 percent.

In European trading, London's FTSE was down 0.67%.

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